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How this startup bounced back from a crisis

How this startup bounced back from a crisis

#business
#startup
#AgriTech
ThriveAgric fell into a crisis when the pandemic hit. Three years later, it has found its way back up. Uka Eje is the co-founder and CEO of ThriveAgric, a Nigerian fintech providing smallholder farmers access to finance, agricultural insights, and distribution assistance. In 2020, when the Covid-19 pandemic hit, the company sank into a crisis and was unable to pay out investments that users had made on its platform. Three years on, ThriveAgric has pivoted its business model and turned its fortunes around. Now, the company provides tech and value-chain support for farmers.

ThriveAgric, a Nigerian fintech startup, faced a crisis during the COVID-19 pandemic when it was unable to pay out investments made on its platform. However, the company managed to bounce back by pivoting its business model. Instead of providing financing to farmers, ThriveAgric now offers tech and value-chain support to smallholder farmers. The CEO, Uka Eje, realized the need for more structured and institutional financing after the pandemic. The company focused on building a competent team, strengthening risk and compliance processes, and upskilling its manpower. Eje emphasizes the potential of agriculture in Nigeria and highlights the challenges related to inadequate rural infrastructure and the vulnerability of the agriculture sector to climate change.


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